India’s Banking & Credit Revolution

Access to basic financial services like bank accounts, digital payments and credit is key to unlocking financial opportunity for the 1.4B people in India. Yet, in the world’s fifth largest economy, only 13.4% of people have used a debit or credit card; and only 23.6% have savings¹. Over the last 20 years, India has been steadily growing, but a major financial hurdle is the uneven distribution of wealth and lack of steady income.

Entrepreneurs and small business owners in India also face challenges accessing the necessary credit to build their enterprise. This is where microfinancing can help; a banking service for low-income people or groups who may lack access to traditional banking. Microfinance in India creates jobs, grows the economy and can even spark a path of social mobility. The microfinance industry grew 22% from December 2021 to December 2022² and Equifax has helped more than 62 million people in India³ secure those loans. In 2022, the average microfinance transaction size was 40,137 rupees (approximately $485 USD)².

Our purpose is to help people live their financial best. Unique solutions from Equifax open new doors to financial opportunity – allowing more people to access formal credit products. Vivek Agarwal, Equifax India Product, Engineering, and Technology leader, shares how innovative technology and additional data can help lift people out of poverty.